Glossary‎ > ‎


Margin: A specified percentage that is added to your chosen financial index to determine your new interest rate at the time of adjustment for ARM (adjustable-rate mortgage) loans.

Marginal credit customers
: Consumers who may have had some slow pay problems, but generally pay their bills.
Market value: The price at which a ready, willing, and informed person would buy something; the price property would command in the current market.
Marketing: The process of identifying and communicating with qualified prospects.
Mortgage: A written instrument that creates a lien by pledging real property as security for a debt.

Mortgage Banker: An individual or company that originates and/or services mortgage loans.

Mortgage Broker: An individual or company that arranges financing for borrowers.

Mortgage Insurance: Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is not required if you make a down payment of at least 20% of the home's purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.)

Mortgage Loan: A loan for which real estate serves as collateral to provide for repayment in case of default.

Mortgage Note: Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

Mortgagee: The lender in a mortgage loan transaction.

Mortgagor: The borrower in a mortgage loan transaction.